What exactly are the benefits of a more modern contract signing solution? Continue reading to find out what you are missing if your contract management software does not have a sophisticated electronic signature solution.
1 - Missing Out On Cost-Effective Contract Signatures
Contract signature costs can quickly add up. For contract signing, ink, paper, and postal charges (sometimes including expedited delivery prices) may initially appear to be minimal expenses.
Nevertheless, as organizational expansion increases contract complexity and volume, they rapidly become exorbitant. Additionally, because it takes time to transmit contracts back and forth, businesses will almost certainly lose money if signature delays occur.
If a potential customer or business partner looks at choices because contract execution takes an excessively long time, revenue may be further reduced.
2 - Missing Out On Faster Contract Signatures
Expediency is key in contract life-cycle document management. Regrettably, antiquated contract signing procedures might slow down the procedure.
Manually managing paperwork is tiresome, time-consuming, and prone to mistakes. Organizations' turnaround times for obtaining wet signatures rely on several factors, including business days, service delays, couriers, warehouse operations and timetables, and the hectic schedules of busy stakeholders with signing authority.
Without the proper approval tracking tools, you can easily lose track of who signed and who needs to be contacted, which would delay contract execution even more.
3 - Failure to Archive & Retain Contract Signatures Effectively
Wet signature contracts are often scanned and stored electronically in a disorderly digital signature certificate repository or filing cabinets.
These procedures may make it difficult to enforce contract archival and retention adequately. The retrieval of signed contracts from boxes or shared digital drives can be time-consuming and prone to error if companies need to refer to or retrieve them in the future.
Organizations can get started with better contract signature fields oversight and contract life-cycle management tracking with the free contract management tracker.
Still, eventually, they will need to implement a superior solution.
A Better Way To Handle Contract Signatures
With a contract signing solution that combines contract signature efficiency, process centralization, and ongoing technological improvements, the difficulties and trials of contract signing described above and more can be avoided.
Advanced Electronic Signature
Advanced electronic signature technology can provide a quicker and more convenient alternative to traditional contract signing procedures that involve wet signatures, expensive postage, time-consuming send-to-sign processes, and disorderly filing.
E-Signature software can support signatures that are:
- Legally binding.
- Cost-effective.
- Easily track-able.
- In the office or on the go.
- Integrated with leading third-party applications.
Electronic Signature Software
Software for electronic signatures can speed up contract execution by eliminating signature bottlenecks and cutting send-to-sign time by up to 20%.
The use of encryption technology to validate a signature's validity during contract signing is made possible by electronic business documents. Processes for signing documents can be made simpler, more secure, and trackable right down to the time and date they were signed.
Online signatures incorporate digital signature software to vouch for the accuracy of a digital document without the requirement for a notary public.
Employing electronic signature software enables businesses seeking a faster signature process to:
- Save money by avoiding the high costs of printing, paper, ink, postage, travel, and the revenue potential lost due to manual contract signatures.
- Save time without needing to waste time tracking administrative costs and managing paperwork. Collecting wet signatures, waiting for the mail to arrive, and asking busy resources with signing power to sign for too long
- For end-to-end regulation of partially or fully executed contracts, enforce archive and retention with the ability to quickly search and report on contracts within a secure contract and contract data repository.
- Enhance layer of security with audit trails and secure and legally binding signatures.
- Business connections will be improved by shortening the signing procedure and making it available both in the office and on the go
- Improve visibility with electronic signing dashboards, reports, and monitoring for better contract analytics.
Advanced E-signature solution offers e-Sign options so that signatories can quickly add signatures to saved contract document workflows.
A user-friendly paper document toolbox within contract life-cycle management software allows organizations to directly add relevant PDFs, MS Word documents, and other file formats. Electronic signature software can give businesses a variety of options for legal document placeholders, such as:
- Including a saved, typed, or drawn signature.
- Including a date.
- Signing with one's initials.
- Including additional texts with signatures.
- Using a previously saved title for signing.
Organizations can send electronic documents to sign contracts, requests, bids, vendors, employees, purchase orders, records, and more on one user-friendly electronic signature service within advanced contract management software.
To avoid wasting excessive time routing manual signatures for bulk contracts, addendums, HR paperwork, policy updates, and other documents, enterprises can also transmit tens, hundreds, or even thousands of contract documents for e-Signatures in bulk.
